polonus5
07.03.08, 01:41
The U.S. dollar might be destined to disappear, replaced by a
regional currency called the amero, reports the Tokyo correspondent
for the Singapore Business Times today.
"Truth is said to be stranger than fiction sometimes, and what I
hear about the future of the U.S. dollar may sound like pure
fiction, but the sources from whence the reports spring are, as they
say, 'usually reliable' ones, and so they do have a ring of truth to
them," writes Anthony Rowley.
Rowley says the slide of the U.S. dollar in relation to other
foreign currencies makes such a transition more likely.
"And, looking at the size of U.S. debt to all those foreign central
banks and private investors who obligingly finance the American
current account deficit, similar conclusions might be drawn," he
writes.
Because the U.S. is not going to stand by and watch its currency
depreciate forever, he says his sources in the monetary and
financial establishment plan a new currency that would take trade
and investment cooperation within the North American Free Trade
Agreement, or NAFTA, into new areas of monetary cooperation –
leading ultimately, perhaps, to a common currency for the U.S.,
Canada and Mexico.
In addition to the name "amero," Rowley says the name "americo" is
also under consideration for this new currency.
"It would be a currency more likely to be judged worth the paper it
is written on than the obligations of a highly indebted U.S.," he
writes
Rowley says there is also talk of an Asian monetary union and common
currency.
The commentary follows what appeared to be confirmation of the
common North American currency plan by former Mexican President
Vicente Fox, who told CNN's Larry King this week that he and
President Bush had agreed on a regional currency for the Americas.
White House spokeswoman Dana Perino told WND she's not aware of any
plan for such a currency either.
The statement by Fox was perhaps the first time a leader of Mexico,
Canada or the U.S. openly confirmed a plan for a regional currency.
Fox explained the current regional trade agreement that encompasses
the Western Hemisphere is intended to evolve into other previously
hidden aspects of integration.
According to a transcript published by CNN, King, near the end of
the broadcast, asked Fox a question e-mailed from a listener, a Ms.
Gonzalez from Elizabeth, N.J.: "Mr. Fox, I would like to know how
you feel about the possibility of having a Latin America united with
one currency?"
Fox answered in the affirmative, indicating it was a long-term plan.
He admitted he and President Bush had agreed to pursue the Free
Trade Agreement of the Americas – a free-trade zone extending
throughout the Western Hemisphere, suggesting part of the plan was
to institute eventually a regional currency.
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